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CICERO rates green bond for world’s largest bank

The world's largest bank, the Industrial and Commercial Bank of China, chose CICERO to review its first green bond.

The Industrial and Commercial Bank of China (ICBC) has issued its first green bond. ICBC is the largest bank in the world, and has aims to be a world-leading green financial institution. In receiving a green rating from CICERO, ICBC has taken an important step on environmental integrity and transparency to the international market, and is the first Chinese financial institution to do so. ICBC’s Green Bond Framework received CICERO’s highest rating of Dark Green.

The bond will be used to fund renewable energy, low carbon transportation, energy efficiency, and sustainable water and wastewater management projects - explicitly excluding fossil-related assets. The initial draw down of the bond is intended to fund projects in China in the regions key to the “Belt and Road Initiative”, an initiative to invest in infrastructure along the old Silk Road linking China with Europe. The first draw down under the framework has also been certified by the Climate Bonds Initiative.

CICERO climate research center is an award-winning independent reviewer of green bonds that counts the reviews of many green bond market ‘firsts’: the first green sukuk issued by Tadau Energy in Malaysia; the first green city bond issued by Gothenburg, Sweden; the first green corporate bond issued by Vasakronan; and the first green bond issued by the World Bank.